Stephen D. Cannerelli / The Post-Standard, file photo, 2009 The Cascades Indoor Waterpark is a 41,000-square-foot waterpark at Greek Peak ski resort. It was part of an expansion in 2009.

Greek Peak, a Cortland-area ski resort and adventure center that’s one of Cortland County’s largest employers, is facing a mountain of fiscal woes and is at risk of closing ever since its primary lender failed and it suffered a dismal ski season last winter.

“This is really threatening us, because we can’t operate without any money,” said Al Kryger, Greek Peak president. “At some point we will be forced to seek some protective filing if this continues, and we don’t want to do that.”

The resort needs a $1.6 million bridge loan to continue operating until the next ski season. Its lender, Tennesee Commerce Bank, failed in January. It held about $52 million in loans for Virgil-based Greek Peak, Kryger said.

The Federal Deposit Insurance Corp. took over conservatorship of Greek Peak when its lender failed, and is currently reviewing the company’s financial condition. In its role as conservator, the FDIC must either provide or approve any new financing, and it won’t do that until Greek Peak’s audit has been completed.

Last winter’s mild weather hurt the resort as well, and it needs that loan to keep its 1,100 seasonal full-time employees in the winter. The resort employs 300 full-time workers year round.

Kryger said he turned to Sen. Charles Schumer, D-NY, for help. Schumer responded by visiting the resort Monday, calling on the FDIC to expedite its review, and make it a top priority.

“Due to the snowball effect of a poor ski season and the failure of its primary lender, Greek Peak Resort needs help bridging the gap between now and next ski season, which would avoid putting over 1,000 jobs at risk,” Schumer said.

“We reached out to Senator Schumer because we want to stay open and save all these jobs and keep our lights on ,” Kryger said. “ There is a lot of pressure on us, and we just need the FDIC to do what it needs to do, and make a decision.”

In addition to loans, Greek Peak had an operating line of credit with the failed bank.

Greek Peak recently underwent a $20 million expansion, which includes a hotel and water park, which opened in December 2009; and an adventure center which opened July 2011. The adventure center includes a ropes course, zip lines, a mountain biking park, alpine coaster and tubing area.

The USDA provided guarantees for about $30 million in loans from Tennessee Commerce Bank Greek Peak has grown to attract more than 250,000 skiers and snowboarders every year.